CKL BUSINESSES AND SELF-EMPLOYED - OUR TOP 25 LIST OF FINANCIAL SUPPORT, OPTIONS AND RELIEF THAT MAY BE AVAILABLE TO HELP YOU DURING THE CRISIS

CKL BUSINESSES AND SELF-EMPLOYED - OUR TOP 25 LIST OF FINANCIAL SUPPORT, OPTIONS AND RELIEF THAT MAY BE AVAILABLE TO HELP YOU DURING THE CRISIS

Here is a list of financial support, options and relief available to both essential and non-essential businesses and self-employed individuals, if eligible, in the City of Kawartha Lakes, as of April 6, 2020:

[3] speak to your broker about potential business interruption insurance coverage; join the contact list for the new class action in Ontario against insurers that have denied this coverage to business owners

They promise more affordable electricity bills for eligible residential, farm and small business consumers, by providing approximately $5.6 billion for electricity cost relief programs in 2020-21.

They also promise to set electricity prices for residential, farm and small business time-of-use customers at the lowest rate, known as the off-peak price, 24 hours a day for 45 days to support ratepayers in their increased daytime electricity usage as they respond to the COVID-19 outbreak, addressing concerns about time-of-use metering.

The Ontario government represents it will provide $9 million in direct support to families for their energy bills by expanding eligibility for the Low-income Energy Assistance Program (LEAP) and ensuring that their electricity and natural gas services are not disconnected for nonpayment during the COVID-19 outbreak.

[16] the new Employer Health Tax Exemption:

They will cut taxes by $355 million for about 57,000 employers through a proposed temporary increase to the Employer Health Tax (EHT) exemption.

the current exemption is $490,000

the 2020 exemption, retroactive to January 1, is increased to 1 million for employers with an annual payroll of less than 5 million

[17] the new Corporate Tax Credit (Specific Regions):

They will help support communities or regions lagging in employment growth with a proposed new Corporate Income Tax Credit, the Regional Opportunities Investment Tax Credit.

[20] the monthly Guaranteed Annual Income Supplement payments, if eligible, which are now doubled for the next six months

[21] Ontario proper tax reassessment for 2020 has been deferred to 2021

[22] Charitable and Non-Profit Organizations:

The Ontario government promises to enhance funding by $148 million for charitable and non-profit social services organizations such as food banks, homeless shelters, churches and emergency services to improve their ability to respond to COVID-19, by providing funding directly to Consolidated Municipal Service Managers and District Social Service Administration Boards who would allocate this funding based on local needs.

[23] Tax Relief and Other Financial Incentives:

The government's plan also includes measures that will make available $10 billion in support for people and businesses through tax and other deferrals to improve their cash flows over the coming months, including:

making available $6 billion by providing five months of interest and penalty relief for businesses to file and make payments for the majority of provincially administered taxes;

over $1.8 billion by deferring the upcoming June 30 quarterly municipal remittance of education property tax to school boards by 90 days, which will provide municipalities the flexibility to, in turn, provide property tax deferrals to residents and businesses, while ensuring school boards continue to receive their funding; and

making available $1.9 billion by the Workplace Safety and Insurance Board (WSIB) allowing employers to defer payments for up to six months.

[24] the BIG BANKS:

The Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank and TD Bank have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as:

pay disruption due to COVID-19;

childcare disruption due to school closures; and

those facing illness from COVID-19

This support will include up to a six-month payment deferral for mortgages, and the opportunity for relief on other credit products.

This WARDS LAWYERS PC blog is for general information only. It is not legal advice, or intended to be. Specific or more information may be necessary before advice could be provided for your circumstances.